Due to uncertainty brought by Guinea's coup LME aluminum hits 10-year high
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Update time : 2021-09-07 17:33:58
RUSAL’s president Oleg Deripaska said that the aluminum market may be impacted hard by the situation in Guinea, where a political turmoil broke out last weekend, Guinean President Alpha Condé had been overthrown in a coup, and the nation's constitution had been dissolved.
London Metal Exchange (LME) aluminum prices rose by 1% to US$2,776/ton yesterday (September 6), hitting a ten-year since May 2011, mainly due to a coup in Guinea, the main bauxite producer, raising market concerns about the supply of bauxite, an essential raw material for aluminum production.
LME aluminum prices have surged by around 40% this year due to the global large-scale stimulus measures, leading to a surge in demand.
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